Iraq supports the Organization of the Petroleum Exporting Countries (Opec's) policy of defending the group's market share by keeping oil production steady, an Iraqi parliamentary oil official said, despite pressure on the Arab state
Stronger-than-expected global oil demand should help support crude prices at around $55-$60 a barrel in the next two months despite some signs of a growing glut in the United States, a senior Gulf Opec delegate said.
Crude futures dipped slightly on Wednesday as ballooning US storage volumes continued to pressure prices although relatively healthy demand figures from Europe supported prices.
Brent oil futures were trading at $55.09 a barrel at
When Saudi Arabia's oil minister Ali Al-Naimi says he does not want the kingdom to lose market share anymore, he really means it.
Iraq, Venezuela, Russia and Kazakhstan all saw their oil partially replaced by Saudi crude in As
Oil prices dropped on Tuesday after activity in China's factory sector fell to an 11-month low and as Saudi Arabia said its production was close to an all-time high.
The flash HSBC/Markit Purchasing Managers' Index (PMI) d
Opec will not take sole responsibility for propping up the oil price, Saudi Arabia's oil minister said on Sunday, signalling the world's top petroleum exporter is determined to ride out a market slump that has roughly halved prices since
Saudi Arabia's Opec governor Mohammed Al-Madi said on Sunday that he believed it would be difficult for oil to reach a price range of $100-120 per barrel again.
"$100-120 - I think it's difficult to reach 120 another
Opec has no choice but to keep its market share and shun oil output cuts, Kuwait's oil minister said, reiterating the view from the emirate that the group will hold its course when it meets next in June.
"Of course we are
US shale drilling may be slowing, but not fast enough for Opec to change policy at its June meeting or to prevent oil prices maybe falling more, in the view of the group's Gulf members.
Actual oil output from the US could prov
The Organization of the Petroleum Exporting Countries’ (Opec) efforts to bring non-member countries such as Russia on aboard in cutting output have made little progress, officials say, and even the chance of more Iranian exports hitting